Which one of the following statement is correct? a. An individual receives more income when he produces more output b. Every individual wants to receive higher income to satisfy more wants c. Higher National Income with no change in population increases standard of living. d. All of these

Which one of the following statement is correct? a. An individual receives more income when he produces more output b. Every individual wants to receive higher income to satisfy more wants c. Higher National Income with no change in population increases standard of living. d. All of these

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 8SCQ: Use an example to explain why, after periods of rapid growth, a low-income country that has not...

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Question

Which one of the following statement is correct?

a.
An individual receives more income when he produces more output

b.
Every individual wants to receive higher income to satisfy more wants

c.
Higher National Income with no change in population increases standard of living.

d.
All of these

Definition Definition Monetary value of all goods and services produced in an economy during a financial year. National income also refers to the total income earned by the factors of production during a financial year.

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